Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to Oasis common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings (loss) per share includes the effect of potentially dilutive shares outstanding for the period using the treasury stock method, unless its effect is anti-dilutive. For the Successor period, potentially dilutive shares outstanding include unvested restricted stock awards, warrants and contingently issuable shares related to RSUs, PSUs and LSUs. For the Predecessor period, potentially dilutive shares outstanding included Predecessor unvested restricted stock awards, Predecessor contingently issuable shares related to PSUs and Predecessor senior convertible notes. There were no adjustments made to the income (loss) attributable to Oasis available to common stockholders in the calculation of diluted earnings (loss) per share during either the Successor period or Predecessor period.

The following table summarizes the basic and diluted weighted average common shares outstanding and the weighted average common shares excluded from the calculation of diluted weighted average common shares outstanding due to the anti-dilutive effect for the periods presented (in thousands):

Successor

Predecessor

Three Months Ended March 31, 2021

Three Months Ended March 31, 2020

Weighted average common shares outstanding:

Basic and diluted

20,000

316,828

Anti-dilutive weighted average common shares:

Potential common shares

2,265

11,166

For the three months ended March 31, 2021 (Successor) and for the three months ended March 31, 2020 (Predecessor), the Company incurred a net loss, and therefore the diluted loss per share calculation for those periods excludes the anti-dilutive

effect of all potentially dilutive shares. For the Predecessor period, the conversion value of the Predecessor senior convertible notes did not exceed the principal amount; accordingly, there was no impact to diluted earnings per share. For the three months ended March 31, 2021, basic and diluted weighted average common shares outstanding of 20 million common shares in the table above was corrected from 19.8 million common shares in the Company’s press release furnished as Exhibit 99.1 on the Current Report on Form 8-K filed with the SEC on May 3, 2021. In addition, basic and diluted loss per share for the three months ended March 31, 2021 (Successor) of a $2.18 loss per share on the Condensed Consolidated Statement of Operations was corrected from a $2.20 loss per share in the Company’s press release furnished as Exhibit 99.1 on the Current Report on Form 8-K filed with the SEC on May 3, 2021.